#1August 4, 2020 Earnings Presentation Q2 2020 cardlytics#2Disclaimer This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including statements regarding expectations about future financial performance or results of Cardlytics, Inc. ("Cardlytics," "we," "us," or "our), the anticipated impact of our key priorities on driving growth, growth in FI MAUs, expectations regarding adding additional marketers and marketer spend in 2020, the timing and evolution of our platform to provide self-service, the impact of COVID-19 on our business and the economy as a whole, the impact of our rise, retain, and return strategy and the sufficiency of our capital structure. The words "anticipate," believe," "continue," "estimate," "expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. The future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: risks related to the uncertain impacts that COVID-19 may have on our business, financial condition, results of operations; unfavorable conditions in the global economy and the industries that we serve; our quarterly operating results have fluctuated and may continue to vary from period to period; our ability to sustain our revenue and billings growth; the timing of the phased launch of Cardlytics Direct by U.S. Bank; risks related to our substantial dependence on our Cardlytics Direct product; risks related to our substantial dependence on JPMorgan Chase Bank, National Association ("Chase"), Bank of America, National Association ("Bank of America") and a limited number of other financial institution ("FI") partners; risks related to our ability to maintain relationships with Chase, Wells Fargo and Bank of America; the amount and timing of budgets by marketers, which are affected by budget cycles, economic conditions and other factors, including the impact of the COVID-19 pandemic; our ability to generate sufficient revenue to offset contractual commitments to Fls; our ability to attract new Fl partners and maintain relationships with bank processors and digital banking providers; our ability to maintain relationships with marketers; our ability to adapt to changing market conditions, including our ability to adapt to changes in consumer habits, negotiate fee arrangements with new and existing Fls and retailers, and develop and launch new services and features; and other risks detailed in the "Risk Factors" section of our Form 10-K filed with the Securities and Exchange Commission on March 3, 2020 and in subsequent periodic reports that we file with the Securities and Exchange Commission, including our Form 10-Q for the quarter ended June 30, 2020. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations, except as required by law. In addition to U.S. GAAP financial information, this presentation includes billings, adjusted contribution, adjusted FI Share and other third-party costs, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net loss and non-GAAP net loss per share, each of which is a non-GAAP financial measure. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Reconciliations of billings, adjusted contribution, adjusted FI Share and other third-party costs, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net loss and non-GAAP net loss per share to the most directly comparable GAAP measures are included in the appendix to this presentation. Please see appendix for definitions.#3$ We power a native ad platform in banks' digital channels. 9:49 CREDIT CARD ...4089 Apple Pay Your card is ready to use with Apple Pay. Open an account Earn 60,000 points with the Southwest Rapid Rewards® Plus Credit Card Chase Offers For CREDIT CARD (...4089) LOWE'S 10% back 11 days left Add to card RITE AID PHARMACY 15% back 6 days left Add to card 60 Sou NEW FOR VISA Learn more EVERY SEASON STARTS AT DICK'S SPORTING GOODS 10% back 5 days left Add to card See all offers 59 Legal Information#4COVID-19 Continuity Plan We are committed to helping our partners weather this pandemic and come out ahead on the other side. Our clients' profitable success is the lifeblood of what we do, and we're very proud to provide a connection between advertisers, banks, and their mutual customers in these uncertain times. Priorities Operational Continuity Marketing Client Support © 2020 Cardlytics Protect the health and well-being of our employees and our communities Continue to invest in our people and our platform innovation priorities • Help marketing clients with valuable insights and flexible campaigns Keep our technology and operations running smoothly Deliver relationship & technical support to our bank partners ● ● ● ● ● ● ● Global COVID-19 task force to address ongoing employee safety, operations, and communications Employees productively and securely working from home since March 13th Proactive system maintenance and stress testing Our excellent capitalization enables financial flexibility, focusing on investment discipline • Creation of COVID-19 Analytics Dashboard to help clients understand shifts in consumer spend • Modified offers to support clients' updated business operations (e.g., online & delivery) • Campaign targeting adjustments to increase focus on active category spenders • Rise, Retain, Return strategy - acquire customers for clients experiencing a rise in spend; retain customers for those who have significantly grown their base; and help those negatively impacted return as quickly as possible 4#5My Wells Fargo Deals is live for all Wells Fargo customers My Wells Fargo Deals is now available to all Wells Fargo debit and credit customers. Customers can access the program across mobile and online banking, as well as activatable email. © 2020 Cardlytics = M Gmail + • 0 ☎ Q Search mail Got your ligbe purchases WELLS FARGO Everyday deals, starting today Welcome to My Wells Fargo Deals Hi Jordan E Eason, Wells Fargo is offering you a simple way to eam cash back when you shop. No matter what your shopping preference-buying online, picking up orders, or visiting favorne stores-it's simple to get started. Activate the deals you like with a click. Then use your eligible Wells Fargo cards to redeem the deals and earn cash back.' Deals are updated regularly, so don't forget to check your My Wells Fargo Deals portal. 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To receive cash back, select the deal you want to activate (terms and conditions apply). Deals are updated often, so check back to see what's new for you. Learn More United Airlines Available 20% cash back airbnb Airbnb 10% cash back Expires 05/25/20 Activated Domino's Earned 10% cash back Expired Albertsons Albertsons 5% cash back Expires 06/01/20 +Activate SEPHORA Sephora 5% cash back a Hilton Hilton 15% cash back Expires 05/15/20 Activated Starbucks FAQs 15% cash back 8 Sign Off amazonkindle Amazon Kindle 10% cash back Expires 06/05/20 Activated ♥CVS pharmacy CVS Account Summary 10% cash back Earned To Date: $21.92 Showing 18 deals FIVE GUYS Five Guys 10% cash back Expires 06/19/20 Activate BARK-BOX BarkBox 10% cash back 5#6Cardlytics provides a scaled solution based on purchase intelligence 090 © 2020 Cardlytics > 157M FI Monthly Active Users(¹) > $3T in Annual Spend(2) 1 IN 2 U.S. Purchase Transactions (2) (1) FI monthly active users ("FI MAUS") during the three months ended June 30, 2020. Please see appendix for definitions. (2) Based on aggregated data of our current Fl partners from the April 2019 Nilson Report. Distinctive Benefits for Marketers Reach valuable banked customers Operate in a brand-safe, privacy-protected, trusted digital channel. Market to the most valuable customers based on their actual spending Drive in-store and online traffic Closed-loop solution measures marketing results to the penny 6#7Q2 2020 U.S. Engagement Metrics Establishing baseline engagement metrics post-Wells Fargo launch. Note that bank launches, COVID-19, new logos and verticals all impact these metrics and there may be variation in future quarters before stabilization. Offer Activation Rates(¹) by Industry 2.55% E-Comm 2.05% Entertainment 3.41% Grocery © 2020 Cardlytics 3.08% (1) Please see appendix for definitions. Other 6.01% Restaurant 3.09% Retail 2.18% Subscription 2.55% Travel 0.40% E-Comm Campaign Spend Ratios(¹) by Industry 0.05% Entertainment 0.34% Grocery 0.15% Other 2.70% Restaurant 0.81% Monthly log-in days(¹) show that FI MAUs are logging in 10.27 days per month. Offer activation rates(¹) show higher rates for small ticket, volume heavy offers versus large ticket and subscription offers. Campaign spend ratios(¹) show Cardlytics currently targets a small proportion of total FI MAU spend. Retail • As budgets increase and more advertisers come onto the platform, more spend from FI MAUS can be targeted with offers. • There remains considerable room to target larger audiences in light of existing FI MAU engagement levels. 0.17% Subscription 0.21% Travel 7#8Despite the challenging environment, we remain focused on our strategic initiatives © 2020 Cardlytics Drive Long-term Revenue Growth • Continued FI MAU expansion both organically and through new bank partnerships. Materially expand budgets with exsiting advertisers while penetrating new advertisers and verticals. Demonstrate Operating Leverage Realize the value of technology, infrastructure, and personnel investments to support >200M FI MAUS. ● Evolve the Platform Continue adding capabilities with more exposure, enhanced content and more touchpoints. • Further simplify the Cardlytics buying process, unlocking new growth opportunities through reduced friction via automation. 8